Your landlord might be feeling the squeeze too. Almost all of of the rent you pay goes to interest, taxes, insurance, and the management company.
Believe it or not - many apartment complexes are owned by regular people, not just billionaires and corporations.
Your landlord is lucky if they’re keeping — anything — from your monthly rent payment. And apartment loans on buildings with 5+ units are only 3 to 10 years, so if they have to refinance this year to hold onto it, that means their refinanced loan may have a higher interest rate. A lot of those loans are interest-only so they aren’t even building equity by paying down any principal.
The bankers are the cause of so many problems we are facing.
Same where I live. Landlords make no profit from rent. If they are careful then incoming rent will cover their mortgage and expenses but for many even that is not true and they make a loss. This has largely been driven by subtle changes in the tax landscape.
The sole hope for landlords these days is capital appreciation; they hope that eventually some time in the future they will be able to sell the rented property for more than they paid to buy it. I wouldn't put money on even that hope being fulfilled!
The complex is 300 units. It's owned by a corporation and that's why they make us pay for the electricity they use for the complex, make us all buy liability policies in their name (corporation), pay for the landscaping water, etc. Before when it was owned by a local group of investors, we paid rent and water/sewer/trash. They bought their own liability insurance and paid for the electricity & water used by the complex (so it came out of our rent). The corporation came in everything changed (60 page leases!)
They also use that algorithm program to set the rent so rates are artificially increased when all the corporate complexes use the algorithm (there have been posts about it on here).
People who rent in smaller complexes (fewer than 50 units) are much happier with the private owners. They say their landlords are actually nice to the tenants. They also aren't subjected to the semi-annual "inspections" (with less than 24 hours notice)that we are like we live in some sort of government housing. But those small complexes are hard to get into because they are few and far between AND the happy tenants don't leave. Oh, and their leases are no bigger than 10 pages.
I know owners of small complexes in other states. When I send them copies of my leases, they are shocked. They always say "And people call us greedy and difficult!"
Your landlord might be feeling the squeeze too. Almost all of of the rent you pay goes to interest, taxes, insurance, and the management company.
Believe it or not - many apartment complexes are owned by regular people, not just billionaires and corporations.
Your landlord is lucky if they’re keeping — anything — from your monthly rent payment. And apartment loans on buildings with 5+ units are only 3 to 10 years, so if they have to refinance this year to hold onto it, that means their refinanced loan may have a higher interest rate. A lot of those loans are interest-only so they aren’t even building equity by paying down any principal.
The bankers are the cause of so many problems we are facing.
Same where I live. Landlords make no profit from rent. If they are careful then incoming rent will cover their mortgage and expenses but for many even that is not true and they make a loss. This has largely been driven by subtle changes in the tax landscape.
The sole hope for landlords these days is capital appreciation; they hope that eventually some time in the future they will be able to sell the rented property for more than they paid to buy it. I wouldn't put money on even that hope being fulfilled!
The complex is 300 units. It's owned by a corporation and that's why they make us pay for the electricity they use for the complex, make us all buy liability policies in their name (corporation), pay for the landscaping water, etc. Before when it was owned by a local group of investors, we paid rent and water/sewer/trash. They bought their own liability insurance and paid for the electricity & water used by the complex (so it came out of our rent). The corporation came in everything changed (60 page leases!)
They also use that algorithm program to set the rent so rates are artificially increased when all the corporate complexes use the algorithm (there have been posts about it on here).
People who rent in smaller complexes (fewer than 50 units) are much happier with the private owners. They say their landlords are actually nice to the tenants. They also aren't subjected to the semi-annual "inspections" (with less than 24 hours notice)that we are like we live in some sort of government housing. But those small complexes are hard to get into because they are few and far between AND the happy tenants don't leave. Oh, and their leases are no bigger than 10 pages.
I know owners of small complexes in other states. When I send them copies of my leases, they are shocked. They always say "And people call us greedy and difficult!"